A three-story office and R&D building was purchased by a private real estate trust.
AUSTIN, TX—A three-story office and R&D building totaling 20,762 square feet at 3208 Red River St. has been purchased by a private real estate trust. The sale price was undisclosed.
The seller was Drawbridge Realty, which acquired the property in 2013 and performed a complete redevelopment. This included new common areas and taking the building back to shell condition. The company then leased the building to Xeris Pharmaceutical and the YMCA, serving as a headquarters location for both organizations.
The property is in the central Austin office submarket just north of downtown Austin and adjacent to St. David's Medical Center, which is the third-largest private employer in the Austin area. Additionally, the property is positioned one block from Interstate 35 and has accessibility to Austin's most heavily traveled thoroughfares, including US Routes 183 and 290, State Highway 71, and Airport and Lamar boulevards.
The HFF investment advisory team representing the seller included managing directors Walter Saad and Cathy Nabours along with director Drew Fuller. Avison Young represented the buyer in the transaction.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
